Re: unfair

Posted by mk_378 (164.106.129.130) on August 05, 2004 at 01:05:11:

In Reply to: unfair posted by lucewebb on August 04, 2004 at 10:02:00:

Mobile homes, especially singlewide, do not hold value like standard houses do. It is very rare to find one that can be readily sold for more than the amount owed, unless it is completely paid off. Even then, it may cost more to move it than it's worth. The industry would much rather sell and finance new ones. A mobile home is considered a consumeable consumer item, like a car, rather than real estate.

Like JerNTN said, your best bet to refinance is with a small, local bank or credit union. Maybe you'll get close enogh to the person approving the loan to convince them in person that the extra features increase its value. If you could get your credit scores into "prime" territory (mid 700's), then you may be able to get an unsecured loan, or one secured only based on the land value, for a lower APR.

If you can't refinance, the way to deal with a high-APR loan is to take every bit of extra money you can scrape up and make extra payments to pay it off early. The more you pay, the sooner you pay, the less interest it will cost you.

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